Idea Exchange

3566 Ideas

Form 8275 should be included in the 2023 ProSeries packageNew

Many Schedule C filers are going to get a big surprise this January, when they receive a 1099-K from Venmo or PayPal. Many clients in this group of 1099-K recipients also will be receiving 1099-NECs from their usual contractors. Often, the contractors pay through Venmo. In light of amounts already reported on the 1099-Ks, contractors will be asked to correct their 1099-NECs. In theory, the contractors should cooperate. In reality, however, there is substantial doubt that many contractors will send corrected 1099-NECs.Unless the standard and acceptable method of reporting discrepancies to the IRS (i.e.: the Form 8275 "Disclosure Statement") is used by the tax preparer, the client is faced with the horrible prospect of "double-reporting" income.At the recent 2023 IRS Nationwide Tax Forum, the instructor emphasized the importance of using Form 8275 to explain the differences between amounts on a submitted 1099-NEC, and the actual amount earned through a contractor. Considering the frequency of Venmo payments in many service industries, tax preparers will have clients who work for contractors who don't want to be bothered with getting their 1099-NECs corrected. Without Form 8275 available in the Pro Series program, the tax preparer is faced with: 1) having to stop work on a return and suspending the Pro Series session; 2) going on the web to IRS forms; 3) filling out the fillable Form 8275; 4) printing a completed Form 8275; 5) scanning it; and 6) returning to Pro Series and attaching the completed 8275 to the client's return. Some tax preparers will need to repeat this process many times per client. All of this extra work outside the Pro Series program is simply unacceptable. Moreover, this scenario will be played out numerous times during the tax year, for tax preparers who have a heavy client base in certain businesses (like entertainment). I'm looking forward to Intuit's response.       

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Form 8275 should be included in the 2023 ProSeries packageNew

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